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Consumer price index (CPI) for August 2022

Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for August 2022 (103.77) increased by 1.13% year-on-year. The increment was attributed to higher wages of domestic helpers, dearer charges for eating out and electricity, as well as rising prices of gasoline and fruits; yet, the rise was partially offset by lower rentals for dwellings, falling charges for telecommunication services and reduced prices of pork. Among the various sections of goods and services, price indices of Household Furnishings & Services and Transport grew by 12.35% and 5.94% year-on-year respectively, whereas the index of Communication decreased by 10.18%. The CPI-A (103.46) and CPI-B (104.17) saw respective growth of 0.79% and 1.59% year-on-year.

In comparison with July, the Composite CPI for August went down by 0.17%. Price indices of Transport and Housing & Fuels fell by 0.59% and 0.34% respectively, dragged down by lower prices of gasoline and liquefied petroleum gas, along with reduced rentals for dwellings. Receding prices of fresh fish and vegetables pushed down the price index of Food & Non-Alcoholic Beverages by 0.20%. On the other hand, price index of Household Furnishings & Services went up by 0.95% on account of higher wages of domestic helpers. The CPI-A and CPI-B dropped by 0.21% and 0.12% month-on-month respectively.

For the 12 months ended August 2022, the average Composite CPI grew by 1.07% from the previous period, and the price indices of Household Furnishings & Services (+9.51%) and Transport (+6.87%) showed notable growth. The average CPI-A and CPI-B increased by 0.80% and 1.42% respectively over the previous period.

The average Composite CPI for the first eight months of 2022 rose by 1.11% year-on-year. The average CPI-A and CPI-B went up by 0.80% and 1.53% respectively.

DSEC compiles three separate CPI series to reflect the impact of price changes for goods/services on households of different expenditure ranges. The CPI-A and CPI-B relate to about 50% and 30% of the households, which have an average monthly expenditure of MOP12,000-MOP35,999 and MOP36,000-MOP62,999 respectively; meanwhile, the Composite CPI relates to all the above-mentioned households.

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